Legal News

Although the EU has strict rules that limit the circumstances in which Member States can subsidize companies in the EU, the rest of the world does not. The European Commission considers this difference unfair because it would distort competition in the EU and global markets. The European Commission recently released a White Paper that discusses a future framework to address the perceived imbalance. The goal of the proposal is to "level the playing field" with regard to foreign subsidies and...B...

Note From the Editors - With this Summer 2020 issue of Vital Signs, we take a moment to again applaud the remarkable actions of all the health care and life science organizations around the globe working tirelessly on our collective response to COVID-19. Thank you, and we hope this collection of "must know" updates and resources on digital health law since our last issue assists with your ongoing efforts. Regulatory and legal actions in the past quarter highlight the increased importance of.....

The Development: The U.S. Department of Justice ("DOJ") and a divided Federal Trade Commission ("FTC") released the final version of their Vertical Merger Guidelines, the first revision in more than 35 years. The Guidelines outline the types of competitive harm that can result from vertical transactions and describe how the agencies will evaluate them.  The Result: For the most part, and consistent with our experience, the final Guidelines reflect how the agencies analyze the relatively small.....

On June 15, 2020, the Japanese government implemented new regulations that designate the manufacture of pharmaceuticals for infectious diseases and the manufacture of highly-controlled medical devices (medical devices that are classified as Class III or Class IV in Japan, such as a heart–lung machines and ventilators) as both "Designated Businesses" and "Core Businesses" under the Foreign Exchange and Foreign Trade Act of Japan ("FEFTA"). The new regulations were adopted in light of the COVID-1...

One effect of the COVID-19 pandemic has been to accelerate the implementation of new or stricter controls on inward-bound foreign direct investment activity ("FDI"), particularly in the European Union. For example, in March 2020, the European Commission issued revised guidance encouraging EU Member States to make full use of their FDI screening regimes. More recently, the French, Dutch, German, Italian, Spanish and British governments all tightened their respective FDI screening regimes. These...

On May 21, 2020, the Securities and Exchange Commission ("SEC") adopted amendments to its financial disclosure requirements related to acquisitions and dispositions. These amendments streamline and eliminate immaterial disclosure requirements relating to acquisitions and dispositions and are designed to reduce the complexity and compliance costs associated with existing requirements. The amendments are effective January 1, 2021, but issuers may voluntarily choose to comply with the new rules in....

[co-author: Juan Huertas] Even as the world gradually eases out of lockdown, deals are rekindled and services are remobilized, no one doubts that the impact of the pandemic will continue to be felt for months and, some say, possibly years ahead. The impact of COVID-19 on construction projects will vary significantly from jurisdiction to jurisdiction depending on a range of factors, including the severity of the pandemic, the nature and significance of government orders issued to address the...B...

Proposed retroactive application could expose investments made as from June 2, 2020, to ex post scrutiny. ??????? On June 2, 2020, the Dutch Government ("Government") announced that it plans to apply a proposed comprehensive foreign direct investment ("FDI") screening mechanism retroactively to investments and takeovers ("Investments") carried out as from June 2, 2020.  At the end of 2019, the Government informed the Dutch parliament about its intention to adopt a legislative proposal...By: Jo...

The Situation: The U.S. Department of the Treasury ("Treasury Department") recently issued proposed regulations that will alter and in some cases expand the scope of critical technology foreign investments subject to mandatory review by the Committee on Foreign Investment in the United States ("CFIUS" or "Committee"). The Result: The proposed regulations align CFIUS' mandatory review of foreign investments in critical technology U.S. businesses with existing export control regimes, which could....

The European Commission is expected to issue a White Paper on an Instrument on Foreign Subsidies on June 17, as anticipated in its 2020 work program. The Commission's White Paper will address the perception that foreign subsidies facilitate unfair...By: Jones Day